THE IMPACT OF INNOVATIONS AND PUBLIC RELATIONS ON THE BUSINESS OF MICRO, SMALL AND MEDIUM ENTERPRISES

Abstract

The paper refers to the complex impact of basic business innovation types (technological, financial, and managerial) and the innovative model in integrated public relations in micro, small and medium enterprises on a selected sample. The impact of innovation on achieving competitive advantage is analyzed in particular. The research was conducted at the local level to consider the impact from the aspect of their position in the market and the level of competitiveness achieved by accepting versatile innovations. Innovation in the public relations approach aims to raise the internal culture of those companies, to bring internal stakeholders closer to the company's strategic goals and to identify them with the company's goals. Incorporating innovations and innovative work is very risky, not only from the financial aspect. Risk reduction and control also depend on knowledge of specific technological solutions, knowledge of research, development and improvement project realization methodologies and knowledge of risk management methodologies. The results based on empirical research of micro, small and medium enterprises indicate a certain degree of dependence between innovative strategy, cooperative competencies and achieving business success. Research has shown that the connection of resources in different parts of the organization and their use in different investment projects increases their flexibility.